Naira Further Falls to N395.50/$1 at I&E Window

By Modupe Gbadeyanka The chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji, has asked his counterpart in the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, to support his agency to achieve the Renewed Hope Agenda of President Bola Tinubu, who appointed both of them. Speaking during a courtesy visit to the headquarters of the anti-money laundering firm, Mr Adedeji said the EFCC has a role in ensuring that taxpayers’ funds are “judiciously utilised in line with the social contract with the people.” He assured that the FIRS would continue to strive to raise the revenue

In furtherance of my sacred duties and obligations as President of the Federal Republic of Nigeria, it is my honour to be here today to present my administration’s 2024 Budget Proposal to this Joint Session of the 10th National Assembly. This moment is especially profound and significant to me because it is my first annual budgetary presentation to the National Assembly. Distinguished Senators and Honourable Members of the National Assembly, I commend your swift consideration and passage of the 2023 Supplementary Appropriation Bills and the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper. Your prompt action underscores your devotion

By Dipo Olowookere The Nigerian Exchange (NGX) Limited retreated by 0.44 per cent on Tuesday due to selling pressure on some bellwether equities during the session. Shares of Dangote Cement, GTCO, Zenith Bank, Access Holdings, Oando, Lafarge Africa and others experienced a pullback yesterday as a result of profit-taking activities by traders. As a result, the All-Share Index (ASI) receded by 312.76 points to 71,041.05 points from 71,353.81 points and the market capitalisation moderated by N165 billion to N38.875 trillion from N39.040 trillion. The level of activity at the market waned on the second trading session of the week, as

By Adedapo Adesanya The House of Representatives has pledged to stop international oil companies (IOCs) operating in the Niger Delta from divestment of their offshore assets without being accountable to the environment. The Chairman of the House of Reps Committee on Host Communities, Mr Dumnamene Dekor, said this during a technical session on the implementation of the Host Communities Development Trusts (HCDT), organised by Spaces for Change (S4C) with support from Ford Foundation. Mr Dekor raised the alarm that since the passage of the Petroleum Industry Act in 2021, host communities have not experienced any positive change, rather have remained

By Adedapo Adesanya The Nigeria Governors’ Forum (NGF) has said that it will explore all legal options on the disbursement of the $418 million Paris Club refund and promissory notes to ensure resources meant for state governments are not illegally paid to consultants. The forum disclosed this in a statement issued by its Chairman, Governor Aminu Tambuwal, after the teleconference meeting of the 36 state governors. “Regarding the $418 million Paris Club Refund and promissory notes issued to consultants by the Federal Ministry of Finance and the Debt Management Office (DMO), the forum remains resolute in exploring all legal channels

By Modupe Gbadeyanka President Donald Trump on Thursday, June 1, 2017, announced his decision to withdraw the United States from the Paris Climate Accord signed in 2015. The agreement was put in place to set out a global action plan to put the world on track to avoid dangerous climate change by limiting global warming to well below 2°C. During his speech today, Mr Trump said the deal does not favour America, stressing that it punishes the US, while making others happy. “In order to fulfil my solemn duty to protect America and its citizens, the United States will withdraw

By Adedapo Adesanya Global workers may lose over $3.4 trillion in income as the economic and labour crisis created by the COVID-19 pandemic could increase global unemployment by almost 25 million, a new assessment by the International Labour Organisation (ILO) has said. The labour organisation in a preliminary assessment note titled COVID-19 and the world of work: impacts and responses looked at different scenarios for the impact of COVID-19 on global gross domestic product (GDP) growth. ILO then estimated that there could be a rise in global unemployment between 5.3 million (low scenario) and 24.7 million (high scenario) from a

By Dipo Olowookere Holders of Greif Nigeria Plc shares have been prevented from trading the security on the floor of the Nigerian Exchange (NGX) Limited for now. The embargo on the trading of the company’s stocks was placed on Monday, June 20, 2022, to ensure the process of winding up the organisation goes seamlessly. Greif Nigeria, formerly known as Van Leer Containers Nigeria Plc, is in the business of making steel drums in the country. It also manufactures plastic containers and sheet metal products. The company, which is a subsidiary of Greif International Holding BV, also offers services for steel

By Dipo Olowookere The domestic stock market closed higher by 0.74 per cent after President Bola Tinubu swore in 46 ministers on Monday, giving investors the signal that his administration was ready to jumpstart the struggling economy. It was like the much-awaited positive trigger the Nigerian Exchange (NGX) Limited needed to begin another round of upward trajectory. The bourse witnessed bargain-hunting during the session, with traders rebalancing their portfolios to partake in the anticipated price appreciation in the nearest future. Consequently, the All-Share Index (ASI) increased by 481.32 points to 65,202.41 points from 64,721.09 points, and the market capitalisation grew

By Modupe Gbadeyanka A deal has been struck between Heritage Bank and Dukia Gold to facilitate access to local miners and artisans to get value for their commodity at international market price after being registered with the firm. Managing Director of Heritage Bank, Mr Ifie Sekibo, while speaking recently at the Nigeria-Canada Investment Summit in Abuja, said the gold market in Nigeria worth £4 billion with high prospects of profitability for all players in the subsector. He said based on this, the Nigeria’s most innovative banking service provider decided delve into the mining sector despite enormous risks. Mr Sekibo, who

By Modupe Gbadeyanka The leadership of Watchtower Christian Assembly, Ikeja, Lagos, rolled out the drums on Sunday, September 25, 2022, to celebrate the existence of the church for a decade. The senior pastor of the church, Samuel Adeleke Olayinka, expressed gratitude to God for taking the ministry to greater heights, and helping the church to expand to Ogun State, where it currently has three other branches. During the service, the church’s men, women, youths, and children were beautifully dressed, dancing to songs from the choir as they worshipped God. The church was filled up such that some congregants had to